B2Gold's revenue surged 60.9% year over year and gross margin of roughly 50% suggests a structural cost advantage at Fekola, with free cash flow turning sharply positive to $359.7M in Q1 2026 and $238.6M in Q3 2026 after a stretch of negative FCF.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue reached $836.5M in Q3 2026 with a 43.7% gross margin and 41.7% operating margin, though net margin of 48.9% in recent quarters is inflated by non-operating items and warrants further investigation.
B2Gold Corp. has drawn investor attention ahead of its 25 February 2026 earnings report, which will provide updates on production levels, cost management, and forward guidance.
Despite some downgrades, the wider analyst group maintains an average Overweight rating on B2Gold with a higher mean price target, indicating bullish sentiment.
MarketBeat offers complete SEC filing history through 2026, providing transparency into B2Gold's financial reporting and operational updates for investor analysis.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 4, 2026 | $0.14+55.6% vs $0.09 | $836M+1.6% vs $823M |
Q3 2026 Aug 6, 2026 | $0.03-57.1% vs $0.07 | $789M-5.6% vs $836M |
Q2 2026 May 6, 2026 | $0.19+72.7% vs $0.11 | $1.2B+29.7% vs $893M |
Q1 2026 Feb 18, 2026 | $0.11-45.0% vs $0.20 | $1.1B-7.8% vs $1.1B |
B2Gold delivered a good Q3, with strong operating cash flow but weaker free cash flow due to higher capex and working capital. BTG's all-in sustaining costs remain elevated, especially at the Goose mine, but full-year AISC guidance was cut, reflecting leverage at Masbate and Otjikoto. Share buybacks fell short of expectations, and a higher Q4 cash tax bill is anticipated, tempering near-term upside.
BTG beats Q3 earnings estimates as higher gold prices lift revenues, while lower AISC guidance and expansion plans support production growth.
VANCOUVER, British Columbia, Nov. 04, 2026 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the third quarter of 2026. All dollar figures are in United States dollars unless otherwise indicated. The consolidated financial statements and Management Discussion and Analysis (“MD&A”) relating to these results are available at www.b2gold.com.
B2Gold reports Q3 results on November 4, the first quarter where no gold prepay deliveries eat into cash flow. Goose's new mobile crusher is running at 3,000 tonnes per day, and BTG management expects Q4 to be the mine's best quarter of 2026. Cash taxes should drop after a heavy Q2, and the last gold collars roll off in January 2027.
Benchmark BTG against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for B2Gold Corp. (BTG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $5.40 | $7.2B | 6.75 | 60.95% | 31.12% | 30.02% | 1.32% | |
| $35.58 | $7.58B | 14.09 | 39.93% | 31.73% | 11.88% | — | |
| $15.47 | $15.94B | 22.96 | 96.41% | 19.25% | 8.02% | — | |
| $41.17 | $17.35B | 10.88 | 30.63% | 35.23% | 21.57% | 1.13% | |
| $22.24 | $26.56B | 8.38 | 39.34% | 37.68% | 33.35% | 0.56% | |
| $18.76 | $10.84B | 9.45 | 77.75% | 31.46% | 27.73% | — |
B2Gold Corp. (BTG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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B2Gold Corp. (BTG) stock FAQ — growth, dividends, profitability & financials explained
B2Gold Corp. (BTG) reported $3.80B in revenue over the trailing twelve months. Revenue was $3.06B in fiscal year 2025.
B2Gold Corp. (BTG) grew revenue by 51.7% over the trailing twelve months, compared with the twelve months before.
Yes. B2Gold Corp. (BTG) earned $1.18B in net income over the trailing twelve months (a 31.1% net margin).
Yes. B2Gold Corp. (BTG) pays a dividend that yields 1.32% at the current price, a moderate yield.
B2Gold Corp. (BTG) had a return on equity (ROE) of 30.0% over the trailing twelve months. That is well above the market's typical 10-15%.
B2Gold Corp. (BTG) generated $488.6M in free cash flow over the trailing twelve months.
